Author: Erik Aronesty 2022-08-17 11:10:24
Published on: 2022-08-17T11:10:24+00:00
The discussion on the security of the cryptocurrency system is no longer meaningful as it has been discussed enough. The key issue is to properly understand the seriousness of the situation. In the two edge cases, fees must be sufficient to avoid a degradation to proof of stake. In the first edge case, active users have got free lunches and passive users are paying for it through inflation tax. In the second edge case, passive users have got free lunches and active users should pay for it through transactional tax. It is unlikely that holders will resign from a free lunch and will buy and run ASIC mining equipment at loss, making it necessary to find a natural solution. While decreasing block reward and moving from the first edge case to the second one, the system naturally crosses the Area of Balance, and healthy systems should stay somewhere in such an area. The halvings should be removed in case it starts to be destructive to the network security. Bitcoin may be out of sudden in a deadly risk from quantum computers. A fork always shows retrospectively who was right.
Updated on: 2023-06-15T22:37:02.648037+00:00